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Pacific Horizon Investment Trust posted a negative full-year performance that missed its benchmark.
The Asia-focused investment company's net asset value per share for the six months through June fell 1.9%.
The MSCI All Country Asia ex Japan Index rose 4.2% over the same time period.
There was a small surplus of 0.01p in earnings per share, so no final dividend was proposed.
The company said most of the NAV underperformance occurred in the first half of its financial year, owing to 'cyclical macro-economic headwinds' driving valuations lower.
'In addition, there were several stocks in the portfolio whose specific business models were challenged and disrupted faster than the managers expected, or where the threat of greater competition came sooner than the managers originally anticipated,' it added.
'More recent returns continue to be volatile, driven predominantly by investor sentiment in markets.'
'Nonetheless, the board and managers continue to believe that investing in growth stocks across the region offers prospects for superior returns over the long term.'
Over the second half, the company's NAV rose 15%.